Confusion In Korea: Ministry Of Finance Refuses To Support Cryptocurrency Trading Ban

Overnight, Bitcoin and the entire crypto sector took a major beating, falling as much as 11% after South Korea - one of the crytocurrency’s biggest markets - said it was drawing up laws to ban cryptocurrency trading. Specifically, South Korea's Ministry of Justice reaffirmed that it is continuing to draft its cryptocurrency trading closure bill, which has been in the works since December 13. In a statement, South Korea Attorney General Park Sang-ki said:

“The South Korean Ministry of Justice is considering the closure of cryptocurrency trading to bring cryptocurrency mania and speculation under control for investor protection.”

This was in line with previous reports out of the country according to which the South Korean government formed a task force composed of representatives from the South Korean Ministry of Strategy and Finance, Financial Services Commission, Ministry of Justice, Fair Trade Commission, and Financial Supervisory Commission, has been preparing a comprehensive bill that will effectively prohibit underaged investors and foreigners from trading cryptocurrencies within the South Korean market, and will force all traders to trade under their real names to avoid money laundering.

However, where things get interesting is that in the hours after the surprise announcement by the Justice Ministry, South Korea's Ministry of Strategy and Finance, a key member of the crypto task force, said that it does not agree with the "premature statement of the Ministry of Justice about a potential cryptocurrency trading ban."

In a press conference, the South Korean Ministry of Strategy and Finance told local reporters  that it had first heard of the Ministry of Justice’s cryptocurrency trading ban through media reports. The cryptocurrency task force participated by the central bank, MInistry of Finance, Ministry of Justice, and other agencies have not agreed upon the proposal.

We do not share the same views as the Ministry of Justice on a potential cryptocurrency exchange ban,” MSF said according to the local Naver website.


Kim Dong-yeon, Minister of Finance and Economy of the Ministry of Economy and Finance

More from Naver, Google translated:

Many executives are embarrassed. It was not until I saw the news that I had encountered the policy of closing. An official at the Ministry of Finance said, "I did not know the announcement of the Justice Department to close the virtual money exchange after the advance notice," he said. Another official said, "The field of virtual money such as bit coin should be deregulated into an area where Korea has advantages, like online games, and the government should directly raise the industry."

Which is understandable for a nation in which millions of "bitcoin zombies" have made bitcoin trading their primary source of income.

There appears to also be a political element to the decision, and as Hani reported  this morning, opposition parties such as the right-wing people's party and the people's opposition parties, have voiced criticism saying "there should be a detailed review and coordination" and "we should prepare measures instead of crackdowns" in response to the statement by the Justice minister. Additionally, a spokesman for the Dongbang Party criticized the government's decision saying "the announcement of the government's closing of the virtual currency exchange is, in a word, hurting the nation... alot of people's property has evaporated." He also said that president Moon Jae-in "should apologize to the people and take appropriate measures."

Evidently, the cryptocurrency trading ban proposal has not been finalized or even agreed upon by the South Korea Ministry of Strategy and Finance.

Finally, CCN reporter Joseph Young reports that in an official announcement, "South Korean government reaffirms there will be NO TRADING BAN for #cryptocurrency market in the short term and NOTHING IS FINALIZED."

Furthermore, a petition to fire the head of the Ministry of Justice over the #cryptocurrency trading fiasco filed.

In summary, it appears that the local Ministry of Justice may have jumped the shark with the cryptocurrency ban announcement, and it remains to be seen if this decision receives the government support it would need in order to pass even as a potential crypto-ban is increasingly becoming a highly politicized issue for a nation where cryptotrading has become one of the population's favorite pastimes.


BarkingCat Brazen Heist Thu, 01/11/2018 - 08:51 Permalink

Oh Buffett is a complete scumbag. Thing about Buffet is that he has crafted this PR image over few decades and people actually bought it.

Being a greedy unethical bastard that he is, the shady dealings actually came to light during the 2007/2008 financial crisis.

He simply couldn't negotiate that landscape and make those huge gains while remaining under the radar, and so any person who is paying attention and has an IQ above that of a chimpanzee, could see how crooked he really is.

I hope that fucking bastard dies and dies soon.

In reply to by Brazen Heist

floosy Thu, 01/11/2018 - 08:06 Permalink

Uh oh looks we have a fight on our hands....

In the Blue Corner: The Bankers and their buddies

In the Red Corner: Everyone else.


DING DING! Let's get ready to ruuuuumble!

wmbz Thu, 01/11/2018 - 08:09 Permalink

Next headline: Ministry of Finance says... Yes, we want to ban all crypto trading. I misspoke, until tomorrow when I will misspeak again.

LastLegion Thu, 01/11/2018 - 08:10 Permalink

Just think.......send out bad news and the price goes down, then buy, then send out good news and the price goes up, then sell.  Repeat multiple times a week.  What a scam.

Davidduke2000 Thu, 01/11/2018 - 08:12 Permalink

the justice ministry has more power than the finance ministry, if they have evidence of money laundering and tax evasion , the minister of finance will lose his job, he will be investigated if he is involved in bitcoin or any other pyramidal schemes. 

floosy Thu, 01/11/2018 - 08:21 Permalink

Oh and another thing.  if any three words should be guaranteed to send a shiver down the spine of anyone it is these:

"Ministry of Justice"

Son of Captain Nemo Thu, 01/11/2018 - 09:19 Permalink

If you look real closely in addition to the fear written all over his face a Navy SEAL is playing peek-a-boo behind the "shades"!...

Better not let Janet Yellen and Steve Mnuchin not hear of a way they can collect money from foreign government(s) within the purview of their control using a "digital wallet" , or anything else they might render as a collecting tool from Langley's "Vault 7" when they can't pay the interest on $155 trillion of there own debt!!!

Sonny Brakes Thu, 01/11/2018 - 10:22 Permalink

What is it about the US dollar that make every person on the planet want at least one of. It's  the same fiat currency that apparently can be conjured into existence the same way consumers use credit cards. Our physical resources are becoming harder and more dangerous to recover and the human capital standing century over us is getting paid a pretty penny for what they do; some are paying with their lives. So now we turn to technology and it fails because of a 70 cent o-ring. Long story short, we're chasing the wrong things.